New credit card laws introduced by the corporate regulator will reduce the number of Australians in financial hardship, the Consumer Action Law Centre says.
Under new requirements introduced by ASIC and set to take effect from January, 2019, credit card users will only be given borrowing limits they are assessed as being able to repay within three years.
Consumer Action Law Centre senior policy officer Katherine Temple said the reform will hopefully lead to fewer people getting credit cards they can't afford.
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